Bentley Systems Inc (MIL:1BSY)

Q2 2026 Bentley Systems, Inc Earnings Call Transcript

Aug 6, 2026 / 12:15 PM GMT

Release Date Price: €30.76

Transcript 8-K

Key Points

Positve

Bentley Systems Inc (BSY) reported a strong Q2 2026 with year-over-year ARR growth accelerating to 12%, driven by robust performance across resources, public works, and utilities sectors.
The company's net revenue retention rate remained high at 109%, underscoring the stability and growth within its existing account base.
Bentley Systems Inc (BSY) is making significant progress in its AI strategy, having released six MCP servers to date, enabling AI systems to interact with its engineering applications and data, which is expected to drive future monetization.
The Powerline Systems (PLS) business continues to outperform, with international revenue now as large as the entire PLS business was at acquisition in 2022, positioning the company to benefit from massive grid investment needs.
The company maintains a strong balance sheet with net debt leverage at 1.9 times adjusted EBITDA and $1.2 billion in credit facility capacity, providing significant strategic flexibility for acquisitions and share repurchases.
Bentley Systems Inc (BSY) has a dominant position with top infrastructure owner-operators, with over 90% of ex-China top owners' infrastructure assets managed by BSY accounts, presenting a large opportunity for future growth.

Negative

Bentley Systems Inc (BSY) is not planning to monetize its AI agentic API consumption until next year, with the current focus on adoption and validation, which may delay potential revenue upside.
The company faces ongoing geopolitical and economic headwinds in China, which represents about 2% of ARR and continues to operate against challenging conditions.
Foreign exchange rates have negatively impacted results, with the stronger US dollar reducing revenue by approximately $5 million in the first half and potentially an additional $8-10 million in the second half of 2026.
First-half free cash flow was impacted by tougher year-over-year comparisons due to exceptionally strong collections in 2025 and planned heavier operating expenses in the first half of 2026.
The company's GAAP operating income can be significantly impacted by deferred compensation plan revaluations and acquisition-related items, which may create volatility in reported results.
While the AI opportunity is promising, the company acknowledges the need to cut through considerable market noise and educate customers, indicating that adoption and monetization may take time to materialize.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BSY.OQ - Bentley Systems, Inc
Q2 2026 Bentley Systems, Inc Earnings Call
Aug 06, 2026 / 12:15PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and thank you for joining Bentley Systems Q2 2026 results. I'm Eric Boyer, Bentley's Investor Relations Officer. On the webcast today, we have Bentley Systems Executive Chair Greg Bentley, Chief Executive Officer Nicholas Cummins, and Chief Financial Officer Werner Andre. This webcast includes forward-looking statements made as of August 6th, 2026 regarding the future results of operations and financial position, business strategy and plans, and objectives for future operations of Bentley Systems Incorporated. All such statements made in or contained during this webcast other than statements of historical fact or forward-looking statements.

This webcast will be available on Bentley Systems Investor Relations

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